Mezzanine provider Yukon Partners provided a subordinated debt facility and made an equity co-investment to support the buy of Encore Rehabilitation Services by Revelstoke Capital Partners.
Encore is a regional provider of rehabilitative therapy services (physical, occupational and speech) and compliance and revenue cycle support services to skilled nursing facilities, assisted living facilities and home helth agencies. The company was founded in 2007 and is based in the Detroit suburb of Farmington Hills (www.encorerehabilitation.net). Encore was acquired by Revelstoke from Glencoe Capital which had owned the company since December 2012.
“Our partnership with the principals of Revelstoke is entering its third decade, and we are again delighted to invest alongside Mark King and his partners,” said Michael Hall, Managing Partner of Yukon. “We are confident that Revelstoke’s expansive healthcare experience will complement Linda Shackelford and her team in furthering Encore’s history of excellence.”
Yukon Partners makes subordinated debt and equity investments of $10 million to $40 million in middle market, private equity sponsored business transactions. The types of transactions that Yukon invests in includes buyouts, growth and platform strategies, recapitalizations, mergers & acquisitions, public to private buyouts, and refinancings. The firm is based in Minneapolis (www.yukonpartners.com).
Revelstoke invests from $10 million to $250 million in companies that have at least $5 million of EBITDA. Sectors of interest include healthcare services and products; transportation and logistics; specialty distribution; energy and energy services; building products; business and outsourced services; marketing services; financial services; industrial services; and medical technology. The firm was founded by Managing Partners – Mark King, Dale Meyer, and Simon Bachleda – and is headquartered in Denver (www.revelstokecp.com).
Additional subordinated debt for the acquisition of Encore was provided by Norwest Mezzanine Partners. Ally Corporate Finance served as administrative agent on the senior credit facility for the transaction with Golub Capital also participating.
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-27-15